Hyprop combined unit distribution up

Posted On Monday, 02 March 2009 02:00 Published by eProp Commercial Property News
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Hyprop Investments has announced that its total distribution for the year ended December 31 2008 has increased by 14.1% to 308 cents per combined unit.

Pieter Prinsloo

 

 

 

 

Property loan stock company Hyprop Investments on Monday announced that its total distribution for the year ended December 31 2008 had increased by 14.1% to 308c per combined unit from the 269.7c reported the previous year.

Headline earnings per combined unit were at 426.5c from the 389.5c for the previous year.

Revenue was at R781-million from the R622-million reported for the previous year.

CEO Pieter Prinsloo, who in January 2009 announced his resignation, attributed the pleasing results for the year to consistently high occupancy at Hyprop's centres and strong demand for retail space regardless of weakened trading conditions.

"Average rental growth was 14% year-on-year," he said, "with ongoing requests for space at our well-located centres".

Operating income at R534.781-million was up from the R404.842-million the previous period.

Hyprop's extensive development and expansion programme saw the start of six standalone retail pods at Canal Walk at a cost of R206-million, adding 15 500m of retail space; a R278-million expansion programme adding 19 400m retail space and 1 100 parking bays to The Glen and a R179-million four-star hotel at Hyde Park Shopping Centre.

Prinsloo said the company was satisfied with the progress during 2008 and all developments remain on track for completion during 2009.

Looking ahead, the group said that trading conditions were expected to remain difficult in the year ahead.

"However, Hyprop is well positioned with quality real estate assets and a strong balance sheet, which should minimise any adverse impact on distributable income brought about by the current weak economic environment," it said.

"If market conditions remain relatively stable, albeit adverse, Hyprop expects a distribution of between 328c and 332c a unit for the 2009 year," said Prinsloo.

Last modified on Friday, 18 April 2014 09:37

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